LAS VEGAS, Dec. 14, 2006 (PRIME NEWSWIRE) -- Sierra Gold's (Pink Sheets:SGCP) management is in the process of ordering a current Non Objecting Beneficial Owners list (NOBO list) from ADP Investor Communications. The NOBO list shows a more complete and comprehensive shareholder profile than is typically available on a shareholder list provided by a transfer agent. In addition, management will order Depository Trust Corporation (DTC) reports for further examination. Both lists will be utilized to uncover possible short positions.
The NOBO list will be used to determine the naked short position in Sierra Gold's common stock. The NOBO list will be compared to the reports from the DTC which contains data regarding all brokers and amounts of shares being held for investors. These lists will be used to get a total amount of shares owned by all shareholders and any naked short positions. The findings will then be reported to the NASD (National Association of Securities Dealers) to take action against the violators of the naked short regulations.
The company would like to advise the shareholders to ensure their accounts have not lent out their stock without the shareholder's knowledge and consent. Shareholders are also advised to ask their broker's compliance department if any of their stock position has been loaned to potential short sellers, and how to prevent this from happening.
Our corporate advisors and legal parties have agreed that we must take action against suspected naked short selling of its or anyone's securities in the marketplace. The company will take all necessary action to protect its shareholder's investments.
Safe Harbor
No assurance can be given that past or similar results of gold mining will be indicative of future results. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to," and similar conditional expressions are intended to identity forward-looking statements within the meaning of the Act and are subject to the safe harbour created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company's SEC reports and filings.